ACT Targets Rising Insurance Costs with Comprehensive Inquiry
ACT Targets Rising Insurance Costs with Comprehensive Inquiry
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Capital Territory (ACT) is launching a thorough investigation into the escalating insurance costs that have been a cause for concern for businesses and community organizations.
This inquiry aims to shed light on the factors contributing to rising premiums and their broader impact.
Driven by the Legislative Assembly’s Standing Committee on Economics, Industry, and Recreation, the inquiry will explore several pivotal issues, including how insurance costs in the ACT measure against those in other regions, with a keen focus on workers' compensation and climate change impacts. "We are particularly interested in suggestions for improving the insurance sector to make it easier for small businesses and organisations to operate in the ACT," said committee chair Taimus Werner-Gibbings.
The investigation is set to delve into important topics like public liability claim trends, litigation behaviors influencing premium costs, and the challenges non-governmental and community projects face in accessing insurance coverage.
Part of the inquiry will also evaluate how insurance entities assess risks and consider public and private sector efforts in risk reduction. This is especially pertinent for community sports, recreation, and the creative arts when using government venues and facilities, as these requirements significantly affect their operations.
Additionally, the inquiry will examine models for offering public sector policies to community organizations, extending the scope to those that operate across state lines or on an international level.
According to the Canberra Business Chamber, there’s been a pressing need for action regarding insurance costs, which have been soaring to levels that many companies find unsustainable. "Increases in insurance premiums ultimately translate into price increases for customers and make it harder for businesses to operate sustainably," remarked CEO Greg Harford.
The chamber highlighted in its September-quarter Canberra Business Beat report that 44% of surveyed businesses experienced premium hikes exceeding 20% over two years, with these increases surpassing inflation rates.
Mr. Harford pointed out that although insurance costs are generally concerning, workers' compensation in the ACT stands out as particularly troublesome. "The chamber is hearing about huge price hikes for workers’ compensation insurance, and members report that it is substantially more expensive here in the ACT than in NSW or other jurisdictions," he added, noting the competitive disadvantage this creates for ACT-based businesses compared to those in other states.
Submissions for the inquiry are open until March 14, with the committee yet to announce when the findings will be reported.
The source of this information is from previous reports and statements, including insights from Greg Harford of the Canberra Business Chamber.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Australian Financial Complaints Authority’s latest annual review has put income protection insurance back in focus, with the product again attracting the highest number of life insurance complaints in 2025-26. The figures are a useful reminder that the real value of cover is tested not at purchase, but when illness or injury interrupts a person’s capacity to earn. - read more
A recent Australian Financial Complaints Authority determination involving a flooded farmhouse has put claims handling back under the microscope for rural policyholders, after the insurer was ordered to pay almost $432,000 across building repairs, additional temporary accommodation, professional costs and compensation for non-financial loss. The decision, dated 27 August 2026 and reported by Insurance News on 15 October 2026, is a useful reminder that the practical aftermath of a farm flood can extend well beyond the first clean-up. - read more
A recent Australian Financial Complaints Authority decision involving a vandalised Hino truck is a useful reminder that disclosure disputes in commercial motor insurance turn on evidence, not assumptions. Reported by insuranceNEWS.com.au on 15 October 2026, the matter ended with Suncorp being ordered to reinstate the policy and reassess the claim after AFCA found the insurer had not proved that undisclosed driving history would have justified refusing the risk. - read more
Australia's construction sector remains under pressure, with recent insolvency figures continuing to show building and construction as one of the most exposed parts of the economy. Higher material costs, tight margins, labour shortages, delayed payments and fixed-price contract stress have all contributed to a tougher operating environment for builders, subcontractors and project owners. - read more
Recent transport industry sales updates point to a more selective new-truck market, with operators weighing replacement timing against finance costs, emissions planning, availability and contract confidence. For truck businesses, that matters well beyond the showroom. A change in buying momentum can flow through to vehicle values, repair economics, insurer appetite and the way fleets should set insurance sums before renewal. - read more
Life insurance is an essential financial protection that provides peace of mind to policyholders and their loved ones. The premiums you pay are determined by various factors, including age, health, lifestyle, and occupation. - read more
Trauma insurance, also known as critical illness insurance, is a type of coverage that provides a lump sum payment in the event that the insured suffers from a critical illness or injury. Unlike health insurance, which covers medical expenses, trauma insurance is designed to provide financial protection by helping to cover the additional costs associated with recovery from a severe illness or injury. - read more
Life insurance is a financial product designed to provide a safety net for your loved ones and business in the event of your passing. At its core, life insurance aims to deliver financial protection by paying out a lump sum or ongoing payments to a designated beneficiary upon the insured's death. - read more
A life insurance claim usually involves notifying the insurer, confirming the policy and beneficiaries, providing evidence such as a death certificate or medical information, and waiting for the insurer or super fund trustee to assess the claim. - read more
Life insurance might not be at the forefront of your mind, especially when you're young and healthy. However, understanding the essence of life insurance early on can significantly impact your financial future and provide much-needed peace of mind. - read more
Knowledgebase
Grace Period: A set amount of time after the premium is due during which a policyholder can make a payment without the insurance coverage lapsing.
No comments yet. Be the first to share your thoughts.